The Best and Worst Types of Life Insurance!

The Best and Worst Types of Life Insurance!

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[DinSea]

As a former life insurance agency owner I 100% agree that term life insurance is most appropriate for 99% of clients and investments should be done seperate. Insurance companies spend billions of dollars running the numbers and hiring actuaries to make sure the numbers are skewed in their favor even on products such as IULs.

[jamesodell]

Love your videos!
Odells Law: The more complex the financial product the better it is for the seller and the worse it is for the buyer.

[fifafan]

Not to mention some term policies allow you to withdraw up to 50% if you become very ill and need to pay for treatment which is smart on the insurance side

[jasonmoquin]

Talk about timing!! I was literally, just this moment, starting to reach out to get some additional life insurance quotes. On a lark I thought I'd hit you guys up first to see if you had any content about the best/worst choices! Seriously...remarkable timing! Thanks, fellas!

[allisonmeyer]

One other often overlooked factor that can lower your life insurance need is the Social Security survivor benefit for minor children. If you pay into Social Security and die when you still have minor children, your children are likely eligible for monthly ongoing payments, a portion of your Social Security benefit, until around when they turn 18 or graduate from high school. Something else to look into to make sure you're not paying for more life insurance than you need to...

[Striker_]

This was the first time I heard y'all be a little more neutral on this topic, good on y'all 👍

[sweatygamergainz]

What do you guys think about return of premium term life insurance l?

[mustymonster]

I’m 23, single, no kids, no debt and yet I watch this thinking I’ll miss something important for my age. Oh well, the more I know the better!

[jenniferlabrum]

Any insurance company recommendations?

[TopShotst]

Term or not at all for 99% of people. Better to just invest and pass down the returns.

[burr]

19:47 “my wife having the child” 😂 thanks for clarifying

[Mark_Thompson]

I got whole life to take care of my family and not as an investment option. I'm not trying to make money off of it. Thats just extra (even if the extra is very little). Im making passive income through other investments so the higher monthly payments than a term policy doesnt concern me much. My agent also assured me that by the time I retire I wouldn't have to pay the premium anymore and I'm still locked in the whole life benefit. It simply pays for itself with the cash value which I don't mind anyway because when I pass my beneficiary only collects the death benefit, they don't collect on the cash value. The cash value would go to the insurance company so might as well use it to pay the premium instead of paying out of pocket. I feel for my situation I've made a good decision.

[tomn]

Can you also talk about whole life insurance with a rider for long term care insurance? What’s are the pros and cons?

[RobotMowerTricks]

I was just thinking about this topic yesterday. No idea where to get the cheapest policy for the most payout.

[jorlowsky]

If you are young and single, is insurance still a good option, or should I wait till I’m a little older?

[FunStuffBuddy]

“Life insurance has a lot of fees and makes a lot of money for the sales person. Avoid fees. We make no money off life insurance.” (Not stated —> we make 1.25% AUM off your money no matter what we do EVERY. SINGLE. YEAR. in perpetuity/FOREVER. Why is this not stated/addressed since it’s somewhat contradictory and just another form of “fees”?

[chingkitli]

Why not get a 50k whole life with a stage and level 450k term? It doesn't have to be "either or" Can't we get the best out of both world.

[jaimegomezhernandez]

Another option would be a term policy with return of premium rider. This would allow you to receive most, if not all the money you paid at the end of term.

[jacoborlofsky]

My father in law purchased whole life insurance policies on my wife when she was a baby, and paid the premiums until we got married at 28. My wife and I then started paying the premium (5K per year), and the cash value goes up by more than 6K per year. I'm curious if you think this is a good asset to have in our portfolio? Normally I don't like WL insurance (for reasons you mention in the video), but my father in law did all the heavy lifting by paying premium in the years when there was very little cash value. It now seems like a safe 5% return per year, even when the stock market goes down. I'm I fine holding onto the policy, or should I just surrender the entire cash value (about 105K)?

[kyliejean]

So what would be best for a couple that has 1 child and 1 stays home all day, that’s in their 20s? Im still so confused